Survey details consumers' tax refund plans
We'll put it into savings, pay off card debt, or buy electronics
Been lusting after a new HDTV or the latest smartphone? What about a tablet device or a laptop? A PriceGrabber survey says many of you will be tapping this year's tax refunds to satisfy your electronic cravings.
According to a survey conducted from March 5-12, 2012, by PriceGrabber, 58 percent of consumers are expecting to receive a tax refund this year. The survey broke down how consumers planned to use their returns.
The consumers who expect to receive a refund fall into two groups: shoppers (43 percent), who'll buy goodies with the money, and self-improvers (57 percent), who say they'll use the money for some sort of activity that will benefit themselves financially.
The shoppers reported they're hot for electronics this year. They'll buy:
- HDTVs, cameras or smartphones (26 percent).
- Computers, laptops or e-readers (25 percent).
- Clothing and home goods (24 percent).
- Travel and vacations (22 percent).
Graham Jones, the general manager of PriceGrabber, said the survey demonstrates "a consumer appetite to shop this year, with electronic products topping the purchase wish list," Jones said.
However, the majority of those receiving a refund will not be heading to the mall, opting instead for some sort of self-improvement -- mainly financial. They said they will:
- Put the money in savings (40 percent).
- Pay down credit card debt (26 percent).
- Pay down student loans, auto loans or a mortgage (9 percent).
- Finance home improvements (10 percent).
- Invest the refund (7 percent).
- Use it toward leisure activities (5 percent).
See related: Pros and cons of paying taxes with a credit card
- Americans' fears of missing a debt payment rise – Americans' fears of missing a minimum debt payment rose in June for the third month in a row, according to the New York Fed’s Survey of Consumer Expectations ...
- Fed: Card balances rose by $9.7 billion in May – Credit card balances surged to a new record in May, according to the Federal Reserve ...
- Poll: Women more prone than men to miss card payments – People miss credit card payments for many different reasons, but the most common are forgetting and not having enough money ...